A lack of news from the Federal Reserve reversed Tuesday’s stock market rally, as the S&P 500 and the DOW dipped slightly Wednesday. Investors had hoped to hear whether the Fed was considering a reduction in stimulus spending. “The statement should come as no surprise, the Fed will remain largely data dependent as to asset purchases, while noting persistently low inflation may be a risk to the economy,” Ryan Larson, the Chicago-based head of U.S. equity trading at RBC Global Asset Management (U.S.) Inc., said. “The mention of low inflation being a risk may push out expectations for tapering, but by and large, this statement reads as expected.”

Today, the dollar rebounded from a one-month low against the yen, due in part to data showing upbeat U.S. economic growth and strong private-sector jobs numbers. “This morning’s data is an encouraging sign that the American economy may be resilient enough to absorb any drag associated with reduced stimulus,” said David Starkey, a currency options dealer and market analyst for Cambridge Mercantile Group in Toronto.

U.S. economic growth unexpectedly accelerated in the second quarter this year, leaving some to wonder whether this positive news could potentially bring the Federal Reserve to begin cutting back its stimulus soon. “The economy is improving and the ADP report is emblematic of a pattern of growth that will continue to tilt to the upside,” said Eric Green, chief economist at TD Securities in New York. “That is enough for the Fed to taper in September.”